FSAs

Posted May 16th, 2017 in Producers, Employers
The fifth installment of the Patient-Centered Outcomes Research Institute (PCORI) fees will be due on July 31, 2017. As its name suggests, PCORI is a research institute, and it was created by the Affordable Care Act (ACA) to improve clinical effectiveness. It is partially funded by fees charged to health plans.
 
The following list contains information and some reminders about the upcoming PCORI fee that is due:
 
  • The fee is paid on the average number of covered lives for the plan year ending in 2016.
Posted November 1st, 2016 in Producers, Employers, Individuals
The 2017 contribution and reimbursement limits for consumer-driven accounts (CDAs) are now available and have been provided below:
 
Health Care Flexible Spending Account (Health Care FSA)
 
The salary reduction limit is $2,600 ($50 increase from 2016) for the 2017 plan year. Employers may also contribute the greater of $500 or up to a dollar-for-dollar match of the employee’s salary reduction. The maximum carryover amount remains unchanged at $500.
 
Posted June 23rd, 2016 in Producers, Employers

The fourth installment of the Patient-Centered Outcomes Research Institute (PCORI) fees will be due on July 31, 2016.

As its name suggests, PCORI is a research institute, and it was created by the Affordable Care Act (ACA) as a way to improve clinical effectiveness. It is partially funded by fees charged to health plans.

The following list contains information and some reminders about the upcoming PCORI fee that is due:

Posted June 15th, 2016 in Producers, Employers
In part one and part two of this series, we examined how employees are increasingly responsible for their own healthcare costs and have adjusted their expectations accordingly. We conclude this series with an important announcement:
 
Posted August 31st, 2015 in Producers, Employers
The statutory limit for Health Care Flexible Spending Account (FSA) elections is expected to remain unchanged in 2016. The salary reduction limit was capped at $2,500 in 2013 as a result of the Affordable Care Act (ACA) and is subject to inflationary adjustments. In 2015, the limit was increased to $2,550. However, due to a recent government report issued by the U.S.
Posted June 19th, 2015 in Producers, Employers, Individuals

What happens to Health and Dependent Care FSAs when a merger or acquisition occurs?  

 
Of course the Cafeteria Plan regulations do not specify how this should be treated, but the IRS has provided some guidance in the form of Revenue Ruling 2002-32. Fortunately, for employees, the IRS has taken a position that employees should not be punished as a result of a merger or acquisition, and the guidance suggests two possible options that would be acceptable in their eyes. Both options maintain the salary reduction of the employee and preserve the annual election.
Posted May 15th, 2015 in Producers, Employers
The third installment of the Patient-Centered Outcomes Research Institute (PCORI) fees will be due on July 31, 2015. As its name suggests, PCORI is a research institute, and it was created by the Affordable Care Act (ACA) as a way to improve clinical effectiveness. It is partially funded by fees charged to health plans. Here is information and some reminders about the upcoming fee that is due.
 
  • The fee is paid on the average number of covered lives for the plan year ending in 2014.
Posted November 26th, 2014 in Individuals
Here's an example eligible expenses that someone with a Health Care Flexible Spending Account (FSA) might encounter on Thanksgiving Day:
 
6:00 AM Wakes up
8:30 AM Picks up prescription medicine* from a local drugstore to be ready for anything
9:15 AM Starts preparing the side dishes
Posted October 31st, 2014 in Producers, Employers
Effective October 31, 2014, the Centers for Medicare & Medicaid Services (CMS) Office of e-Health Standards and Services (OESS), the division of the Department of Health & Human Services (HHS) that is responsible for enforcement of compliance with the Health Insurance Portability and Accountability Act of 1996 (HIPAA) standard transactions, code sets, unique identifiers and operating rules, announces a delay, until further notice, in enforcement of 45 CFR 162, Subpart E, the regulations pertaining to health plan enumeration and use of the Health Plan Identifier (HPID) in HIPAA transactions adopted in the HPID final rule (CMS-0040-F). 
 
This enforcement delay applies to all HIPAA covered entities, including healthcare providers, health plans, and healthcare clearinghouses.

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